Parameters

This page is the single consolidated parameter reference for Delpho. It is a living document. The date of last revision is at the top, and material changes are logged on Changelog.

Last revised: 24 July 2026. Status: Pre-launch. Values subject to revision before V1 public launch.

Per-collateral parameters

Collateral	Max LTV	Liquidation threshold
HYPE	65%	80%
kHYPE	65%	80%
USDC	80%	90%
USDT	80%	90%

Per-collateral oracle and capacity parameters

Collateral	Oracle source	Deviation threshold	Supply cap	Debt cap	Mint fee	Borrow APR
HYPE	Chainlink	0.5%	[PENDING]	[PENDING]	0%	0%
kHYPE	Chainlink	0.5%	[PENDING]	[PENDING]	0%	0%
USDC	Chainlink	0.5%	[PENDING]	[PENDING]	0%	0%
USDT	Chainlink	0.5%	[PENDING]	[PENDING]	0%	0%

Protocol-wide parameters

Parameter	Value	Notes
Maximum total USDV supply	[PENDING]	Adjustable through multisig as reserve scaling supports it.
Minimum mint	50 USDV	Minimum USDV that can be created in a single mint transaction. Applies to all collateral types.
Treasury reserve target	~5% of TVL	Accumulated during positive funding windows.
sUSDV redemption window	[PENDING]	Confirm presence and length before launch.
Redemption fee	Variable	Applied to direct USDV redemptions. See Redemptions and the peg.
Pause authority	Multisig	See Trust assumptions and multisig

Historical parameter changes

The change log is on Changelog. Parameter changes are date-stamped and accompanied by the StableWatch report or internal note that supported the change.

The first publicly documented change is from 75% to 65% maximum LTV for HYPE and kHYPE. The change came from the StableWatch quantitative report run during pre-launch parameter selection. See Risk advisor reports for context.